This is the 4" Penguin Version that was repainted a few years later for Batman Returns. I sculpted a head to resemble Danny DeVito as The Penguin. The heads still pivots and has a magnet inside, which secures the top hat. The top hat also has a magnet and is half the original figures hat. The hands are shaped like the movie costume fin hands as well. The coat-tails and umbrella launcher can be attached. The umbrella has a second handle to be use in his hand. Which I just realized is not pictured.
I wanted this to have a 1992 Kenner sort of look. Penguin now sits in a custom Duck Tank, with an army of Commando Penguins. This became a really fun set to do.